In Europe, most new hotel openings happen via conversions
Major hotel firms that bought or merged before the pandemic are in a good place to capitalize on fresher brands
During a panel on hotel development at the Alvarez & Marsal’s European Hospitality Investment Conference, panelists said they are looking for white space in their portfolios and for opportunities to grow their demand share, but the going is tough.
Key takeaways
- Hoteliers in Europe are focused on how to grow their brands as the industry navigates a period of healthy performance but also depressed investment levels and almost no new-build development;
- Economic conditions are radically different now, panelists said. The hotel brand landscape also looks much different;
- Staying fresh is the biggest focus. Customers are smarter and more knowledgeable than they have ever been. The biggest challenge is commoditization, with the guest walking into the hotel and asking what brand are we in?
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